<DOCUMENT>
<TYPE>EX-99.77E LEGAL
<SEQUENCE>3
<FILENAME>dex9977e.txt
<DESCRIPTION>EXHIBIT 77E
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<PAGE>

                                                                   Sub-Item 77E

                               LEGAL PROCEEDINGS

                     INVESCO VALUE MUNICIPAL INCOME TRUST

On January 17, 2011, a Consolidated Amended Shareholder Derivative Complaint
was filed on behalf of Invesco Value Municipal Income Trust and Invesco
Municipal Premium Income Trust (the "Trusts") against Morgan Stanley Investment
Advisers, Inc. and its parent as well as certain individuals (collectively, the
"Defendants"). The Plaintiffs alleged that Defendants breached their fiduciary
duties to common shareholders by causing the Trusts to redeem Auction Rate
Preferred Securities ("ARPS") at their liquidation value, which was at a
discount from market value at the time, and by not having adequate procedures
to deal with potential conflicts of interest. The Plaintiffs alleged that the
redemption of the ARPS wasted Trust assets, occurred at the expense of the
Trusts and the common shareholders, and was improperly motivated to benefit
preferred shareholders and Defendants. Additionally, the Plaintiffs claimed
that the ARPS were replaced with less favorable financing. Plaintiffs seek a
judgment that: 1) orders Defendants to refrain from redeeming any ARPS at their
liquidation value using the Trusts' assets; 2) awards monetary damages against
all Defendants, individually, jointly or severally, in favor of the Trusts, for
all losses and damages allegedly suffered as a result of the redemptions of
ARPS at their liquidation value; 3) grants appropriate equitable relief to
remedy the Defendants' breaches of fiduciary duties; and 4) awards to
Plaintiffs the costs and disbursements of the action. On June 24, 2010, the
Board of Trustees formed a Special Litigation Committee ("SLC") to investigate
the claims made in the April 2010 demand letters with the assistance of
independent counsel. After reviewing the findings of the SLC and a vote by
Independent Trustees, the Board announced on July 12, 2011 that it had adopted
the SLC's recommendation to reject the demands and seek dismissal of the
lawsuit. The Trusts filed a motion to dismiss on October 4, 2011, which remains
pending.

Management of Invesco and the Trust believe that the outcome of the proceedings
described above will not have a material adverse effect on the Trust or on the
ability of Invesco to provide ongoing services to the Trust
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